Recently, Tradehotdeals.com website surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably reveals it is, actually, a deceptive site.
Despite the promises of the most easy, trustworthy, and customer-centric service, Tradehotdeals.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are absent as well.
TradeHotDeals Scam Overview
Originally, TradeHotDeals poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable selling point for this platform is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals use AI-generated videos with those celebs advertise the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.
TradeHotDeals Scam
To begin with, TradeHotDeals copies the appearance of numerous equivalent pages. There are quite a few examples, like Usdtqqs, Blinktradingfx or Bitloex. They are totally identical in terms of graphic elements, with minor discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these deceptive sites are managed by a single gang of swindrels.
Cryptocurrency Scam Summary
| Website | Tradehotdeals.com |
| Hosting | AS47583 Hostinger International Limited United States, Phoenix |
| IP Address | 154.56.47.173 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the TradeHotDeals Scam Works?
TradeHotDeals is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the similar overall layout. Another shared element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply complex psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.
Step 1: Promotion
To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid ads (when feasible), scam actors boost the visibility of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.
Promotions of cryptoscams like TradeHotDeals in TikTok. Most of these videos are AI-generated deepfakes
Users get an incentive to register, enticed by the assurance of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.
Step 2: Gaining Traffic
After clicking the ads, users end up on a page filled with attractive offers. “Crypto starts with TradeHotDeals”, “Your crypto savings are secured with TradeHotDeals, “Start earning with TradeHotDeals – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing concerning happens at this point, unaware users happily keep on – especially since the reward appears to be right behind the corner.
This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal data, swindrels will not be able to earn even a nickel from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just mentioned, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.
As it turns out, you cannot use the claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.
Step 4: Requesting funds
Eventually, any crypto operations require having funds on your account. In the case of TradeHotDeals, users are also compelled to top up to claim the bonuses. And this is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited money and withdraw them.
This is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
There’s no need to explain that swindlers have 0 intentions to send you money. But to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but for the Tradehotdeals.com they are here exclusively to make the wireout impossible.
By requesting your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will reveal more and more information, which – you guessed it right – will be then marketed on the Darknet. Never reveal your real info to strangers!
Signs of Scam
I gathered several facts that point at the scammy nature of the Tradehotdeals.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Cryptocurrency-Only Transactions. Tradehotdeals.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
- Dubious Company Credentials. TradeHotDeals arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
- Baseless Hype Generation. TradeHotDeals resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
- Fictitious Celebrity Association. TradeHotDeals employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
- Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
- Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, TradeHotDeals capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Tradehotdeals.com as a definite scam.
What Should I do as a Victim?
If you had to deal with TradeHotDeals site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.
- Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
- Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
- Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
- Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
- Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.
Scan your system for possible malware infections
Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.
Throughout the duration of the fraud, rascals may contact you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier figured out, these scoundrels have no intention of restoring your funds. So, what do these email messages and browser add-ons represent? Correct – that is another component of the fraudulent scheme designed to throw you into deliberately running malicious programs onto your computer.
Both extensions and files included to emails can act as a carrier for different malicious code. In this case, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As noted, their conscience is of no concern, and their reputation is already seriously marred. They have nothing to lose and aim to maximize profits.
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Frequently asked questions
The vast majority of information posted on the TradeHotDeals site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the TradeHotDeals site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like TradeHotDeals can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Scrutinize Celebrity Endorsements. Be cautious of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Resist Urgency. Watch out for tactics that create a sense of urgency to pressure quick decisions. Legitimate investments offer time for research and consideration.
- Consult Reviews and Feedback. Look for independent reviews and feedback from fellow traders. Scammers may create fake positive reviews, but negative reviews can provide valuable insights.
- Question Unrealistic Promises. Be skeptical of offers promising unrealistically high returns or guaranteed profits. If an investment opportunity seems too good to be true, it likely is.
- Verify Regulation and Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
If you have become a victim of a TradeHotDeals or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
The truth about TradeHotDeals
Name: TradeHotDeals
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves TradeHotDeals, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the TradeHotDeals scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
